Russian companies are now using Bitcoin (BTC/USD) and other digital currencies for international transactions. This shift was announced by Finance Minister Anton Siluanov.

According to Siluanov, changes in legislation made this possible. These changes aim to help Russia deal with the impact of Western sanctions, especially in trade with major partners like China and Turkey.

He mentioned on the Russia 24 television channel, “As part of the experimental regime, we can use bitcoins that we’ve mined here in Russia for foreign trade transactions.” He added that these transactions are already happening and expressed confidence that they should be expanded and developed further. “I believe this will happen next year,” he said, highlighting the potential of digital currencies in future international payments.

This move reflects Russia’s growing interest in cryptocurrencies. Recently, President Vladimir Putin criticized the current U.S. administration. He argued that the U.S. dollar’s role as the reserve currency is being undermined by its political use. This situation is pushing many countries to look for alternative assets, with Bitcoin being a prime example. Putin emphasized that no global authority can regulate Bitcoin.

He also pointed out that cryptocurrencies are becoming the only option for international trade among countries facing sanctions. This is happening even as Russia imposes a ban on cryptocurrency mining in several regions. Starting January 1, 2025, a six-year ban will take effect in ten regions due to concerns about excessive energy consumption.

As of now, Bitcoin is trading at $98,305, showing a 4% increase in the last 24 hours, according to data from Benzinga Pro.